ONGC invests in renewables, names key personnel

Oil and Natural Gas Corporation (ONGC) announced a series of strategic decisions following a board meeting on March 25, 2025. The company is bolstering its commitment to renewable energy by investing ₹3,300 crore into its wholly-owned subsidiary, ONGC Green Limited (OGL). These funds will facilitate OGL's acquisition of a 100% equity stake in Ayana Renewable Power Private Limited through ONGC NTPC Green Private Limited. Ayana has approximately 4.1 GW of operational and under-construction assets. Additionally, Shri Vikram Saxena was appointed as a Key Managerial Personnel, taking on the role of Director (Technology and Field Services). The board also approved the appointment of M/s. SGS Associates LLP as Secretarial Auditors for the FY'25. Furthermore, the company is recommending that shareholders vote on related party transactions. These include a proposed investment of up to ₹1,500 crore by ONGC Videsh Limited (OVL) in Beas Rovuma Energy Mozambique Limited (BREML), a sponsored senior loan of up to USD 379.30 million from OVL Overseas IFSC Ltd. (OOIL) to Moz LNG1 Financing Company Ltd., and a guarantee support by the company to MozLNG1. The company also announced that Shri Devendra Kumar ceased to be Executive Director of the Company w.e.f. 25.03.2025, upon his appointment as Director (Finance) in Mangalore Refinery and Petrochemicals Limited (MRPL), subsidiary of the Company.